I just looked it up, and yes it is. Apparently you have 2 minutes to set the frequencies and then I think you have around a minute after that to complete the rest of it.
I found a few tips here on the Steam forum - maybe there's something there that will be helpful:
Day 11 I don't liked timed puzzles either. The timer doesn't start until you touch the knobs. Be sure to have a saved game right before all of this.